洪都拉斯：根据扩展资金机制和扩展信贷机制安排进行的第四次和第五次审查，以及要求豁免不遵守绩效标准和延长安排的新闻稿；员工报告；洪都拉斯执行主任的发言

FOURTH AND FIFTH REVIEWS UNDER THE EXTENDEDFUND FACILITY AND THE EXTENDED CREDIT FACILITYARRANGEMENTS, AND REQUESTS FOR A WAIVER OFNONOBSERVANCE OF PERFORMANCE CRITERION ANDEXTENSION OF THE ARRANGEMENTS—PRESS RELEASE;STAFF REPORT;AND STATEMENT BY THE EXECUTIVEDIRECTOR FORHONDURAS June 2026 In the context of theFourth and Fifth Reviews Under the Extended Fund Facility and theExtended Credit Facility Arrangements, and Requestsfor a Waiver of Nonobservance ofPerformance Criterion and Extension of the Arrangements, the following documents havebeen released and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJune 29, 2026, following discussions that ended onMay 11, 2026, withthe officials ofHondurason economic developments and policies underpinning the IMFarrangementsunder theExtended Fund Facility and the Extended Credit Facility. Basedon information available at the time of these discussions, the staff report was completedonJune 12, 2026. •ADebt Sustainability Analysisprepared by the staffsof the IMF andthe InternationalDevelopment Association. •AStatement by the Executive DirectorforHonduras. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive BoardCompletesFourth and FifthReviewsUnder theExtended Fund Facility and Extended Credit FacilityArrangementsforHonduras FOR IMMEDIATE RELEASE •The Executive Board of the International Monetary Fund (IMF)completed theFourth andFifthReviewsunder the Extended Fund Facility (EFF) andExtended Credit Facility (ECF)arrangementsfor Honduras, enabling a disbursement of about US$242million (SDR178.4million). •The Honduran economyhas remained resilient,andprogram performance for thefourthand fifthreviewshas beenfavorable.With a healthy accumulation of international reservesalongside prudent fiscal policies,and an appropriate monetary and exchange rate policymix,the economy is well placed to navigate the challenging external environment, whileprogress in structural reforms has strengthened in recent months. •The continuation ofwell-calibratedmacroeconomic policies, anchored bya contained fiscaldeficit, continued efforts to strengthen the monetary and exchange rate frameworks, anddecisive progress on governanceand energy sector reform will be essential to preservemacroeconomic stability and support inclusive growth. Washington, DC–June29, 2026:The Executive Board of the International Monetary Fund(IMF)todaycompletedthe fourth and fifthreviewsunder the Extended Fund Facility andExtended Credit Facilityarrangements for Honduras.The completion of the reviewsenablesthe authorities to draw aboutUS$242million (SDR178.4million), bringingthetotaldisbursements under the programsso far to about US$725million (SDR535.3million).1Honduras’36-month arrangementstotalingabout US$847million(SDR624.5 million)wereapprovedon September 21, 2023. Program performance for thefourth and fifthreviewshas beenfavorable. In completing thereviews, the Executive Board assessedquantitative performance targets for end-June2025and end-December 2025.Whileall quantitative performance targets forend-June 2025hadbeen met,the end-December 2025performancecriterion on the stock of domestic arrears atthe public electricity utility ENEE wasnot met. The Board approved the authorities’ request fora waiver of non-observance of the end-December2025performance criterion on the basis ofcorrective actions.11 of 17 structural benchmarksduefor these reviewsweremet orimplementedwith delay,withparticularlystrongprogress madein recent months. The Honduran economy has remained resilient, growing 3.8 percent in 2025, supported byrecord-high coffee prices and surging remittances. Economic growth is projected to slow to 3.3percent in 2026 as higher global oil prices weigh on economic activity.Following aconvergence of inflation to the 4 percent objective in 2025,headline inflation is projected toincrease to5.7 percent at end-2026, driven by higher energy prices.Fiscal performance continues to be strong, with a fiscal deficit of 0.7 percent of GDP in 2025 outperforming theprogram targetof a deficit of 1.5percent of GDP, witha deficit of 1.0 percent of GDP targetedin 2026.International reserve coverage has strengthened considerably since 2024,andperformance of the foreign exchange auction systemhasimproved, supported by favorableforeign exchange inflows in the context ofelevatedremittance flowsandhighcoffee prices,along withearlier monetary policy tig